Briefing

GFL Environmental cancels what would have been Canada’s second-biggest IPO

The waste-management firm scrapped its public launch after investors proposed a price of US$18 per share, below its desired price of US$20–$24. The offering, which was expected to raise as much as US$2.1 billion, would have been Canada’s biggest after Manulife Financial’s 1999 listing that raised US$1.7 billion. GFL CEO Patrick Dovigi said his firm will revisit the possibility of a public launch at a later date. (Bloomberg)

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